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Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

how many credit cards should i start out with and whom with?

Secured cards are pretty much my only option right now. I've never had credit before just mostly medical bills are what is giving me a low score. Last month a got a secured card from premier bank and also bank of america. At first premier bank was the only one who would give me a secured card. I was turned down by cap 1 and bofa but then I called for a review on my app and bofa approved it and cap 1 sent me a letter saying they would do it also. The one thing I don't like about cap 1 is they will never graduate the card and bofa most likely will after 12 months. Citi also sent me an app and they also claim after 18 months they will graduate the card. Should I just stick with what I have now and wait 6 months and try to go for an unsecured one with cap 1 or? ?????
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: how many credit cards should i start out with and whom with?

I'd stick with what you have. I'd focus on repair and once wrapped up, then re-evaluate and add another at a later date. This will give you a higher score, a longer history, and set you up for higher CLs and unsecured cards in the future.

Valued Contributor
Posts: 1,142
Registered: ‎09-01-2011
0

Re: how many credit cards should i start out with and whom with?

We are working with 3 secured cards and going to have to start "gardening" for the long haul of at least 6-7 months.  We lived on the cash system for too many years, now we need a car and we cannot get one because we have no FICO score. Who knew? 

 

Anyway, its seems (to me) that this is all a very SLOW process but, hopefully, by this time next year we can say it will have been worth it all. 

 

My best to you! 



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: how many credit cards should i start out with and whom with?

Im in the same boat as you. Which secured cards do you have. I don't have a Fico score either hopefully in 6 months I will have one. My goal is within the next 2week years have about 4 good cards with 2-3k limit on each. Best of luck to you also
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Valued Contributor
Posts: 1,142
Registered: ‎09-01-2011
0

Re: how many credit cards should i start out with and whom with?

We got secured cards through Capital One, USAA Bank (you have to be, or have been, in the military for USAA Bank's secured cards) and US Bank.  I will warn you upfront something that I wish I'd known from the start --- getting secured cards takes FOREVER!!!  For whatever reason, the process for issuing a secured card is the slowest thing I have ever seen.  They take forever to arrive in the mail, they take forever to post to the Credit Bureaus, and then, when you pay them -- the posting of your payments can take up to 3 days.  The ONLY thing quick is that, within seconds, an inquiry will be posted on your credit reports with Equifax, Experian and Transunion. 

 

But -- you gotta do what you gotta do! 

 

I wish you the best. :smileyhappy:



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Valued Contributor
Posts: 1,540
Registered: ‎10-25-2011
0

Re: how many credit cards should i start out with and whom with?

i have never had to have a secured card....

 

 

What is the benefit compared to an unsecured?

----- IF you find my post helpful, Select the star in the KUDOS button! :smileyhappy:
Starting Score: 512 10/2011 Current Score: EQ: 686 | TU: 689 | EX: 690
In My Wallet: SFCU Visa: $10,000 | UECU Visa: $5000 | WellsFargo: $3900 | Cap1 QS: $3500 | Cap1 QS: $3000 | Cap1 AU: $3250
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